Though many people don’t feel as though estate plans are for them, they may not realize how beneficial having an estate plan is. Elderlawanswers.com makes a compelling case for why creating an estate plan is important. Take a look at the following list to understand the value of estate planning, and get started on one with an estate planning lawyer today!
1. Loss of capacity. There is a chance that you could one day become too incompetent to handle your own affairs. An estate plan can designate who exactly you want to take over control via power of attorney.
2. Minors. If you happen to pass while you still have children who are minors, do you know who will raise them? Again, an estate plan can determine your own guardian, and you can avoid a potential court decision.
3. No Will. How will your loved ones know what assets will be inherited and to whom? Each state has laws of intestacy, which decides the distribution of assets passing on to your heirs in the absence of a will. Creating an estate plan with a Massachusetts estate planning attorney will designate your assets to whom you want and how you want them.
4. Blended families. Multiple-marriage families can have children that may not be treated as you would like if you pass. Estate plans can select what goes to your current husband or wife, and to the children of prior marriage(s).
5. Special Needs Children. If you have a child with special needs, not having an estate plan could risk their disqualification from Medicaid or SSI benefits in the event of your passing. In this instance, they would have to use their inheritance to pay for the care they receive. Estate plans, with MA elder attorney supervision, allow for a Supplemental Needs Trust, which will allow special needs children to continue to remain eligible for government benefits, while simultaneously using your trust assets to pay for other expenses that are not covered.
6. Keeping assets within the family. Without an estate plan, the spouse of your child may end up with your money in the event your child passes away. Additionally, if your child gets a divorce, half of your own assets after your passing could be given to the ex-spouse. Elder lawyers specialize in creating estate plans where you can prevent both scenarios in your plan, and assure that your assets remain within the family, and potentially pass on to your grandchildren.
7. Financial security. In the event that you pass on, will your surviving children or spouse be able to financially survive? The current standard by which your family lives may be unable to be maintained without a plan specifying income replacement through life insurance. This can be prevented by an estate plan!
8. Retirement accounts. Your IRA or other retirement account beneficiary in the event of your death may not reflect your wishes, and large tax consequences for your heirs can result. Make a plan with a Massachusetts estate planning attorney and select your ideal retirement account beneficiary.
9. Business ownership. If you are a business owner and decline to name a successor with an estate plan, you can risk your family loosing control of your business. You can name who will resume control of the business after you pass with your plan.
10. Avoiding probate. An estate plan eliminates the delays, excess fees, and publicized asset records. You can structure your estate plan with the assistance of an estate planning attorney to avoid probate entirely.
Convinced yet? Contact Adam Tobin and get started on creating an estate plan today.
Source article here.